SINGAPORE -- Prime Minister Goh Chok Tong, whose government faces an election in the next year, told Singaporeans to accept a growing number of foreigners in the city-state "as a matter of life and death to us" in the long term.

In his main speech of the year, Mr. Goh on Sunday night also rejected suggestions that Singapore use some of its huge reserves to combat the current economic slowdown. He said the government will take more steps, if needed, to boost the economy. And he announced plans, without giving details,...